Ministry of Trade, Industry and Energy

Vice Minister attends trade remedy forum

Vice Minister of Trade, Industry and Energy Lee In-ho (seventh from left, front row) gave the congratulatory remarks at the Seoul International Forum on Trade Remedies 2018 in Seoul on July 3.    Saying that the free trade system has contributed to growth and made our lives considerably better, Vice Minister Lee called for fair and transparent remedies that abide by WTO rules and told the trade remedy authorities that they should reduce uncertainties in order to overcome protectionis date2018-07-03

Minister Paik attends launch ceremony for Saudi nuclear project support center

Minister of Trade, Industry and Energy Paik Ungyu (eighth from left) attended the opening ceremony for an office center aimed at supporting the Korean tender for a Saudi Arabian nuclear energy project, in Seoul on July 2.    The support center was opened as the Korea Electric Power Corporation (KEPCO), the state-run energy utility, was shortlisted to bid for the building of two nuclear power plants in Saudi Arabia. The center will respond to any issues concerning the Saudi Arabian nu date2018-07-02

Trade Minister calls for swift RCEP deal

Trade Minister Kim Hyun-chong (third from left, back row) attended the ministerial meeting for the Regional Comprehensive Economic Partnership (RCEP) that took place in Tokyo on July 1.    In his opening remarks, Trade Minister Kim said that reaching a RCEP deal would be a great opportunity to show that shared prosperity can be built across regions through free trade, against a backdrop in which protectionism is posing a threat to the world's free trade system.    He also date2018-07-01

June exports inch down 0.1 percent

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports recorded USD 51.2 billion in June, inching downward 0.1 percent year-on-year. This was due to the high base effect from the large-scale exports seen a year earlier. Average daily exports grew 6.9 percent year-on-year to $2.4 billion, achieving growth for two months in a row. Average daily exports excluding ships jumped 21.7 percent to $2.3 billion, growing for 20 straight months.    Im date2018-07-01

Minister Paik speaks at World Gas Conference

Minister of Trade, Industry and Energy Paik Ungyu attended the World Gas Conference (WGC) and spoke during the closing session, in Washington D.C. on June 29.    In his key note speech at the conference, Minister Paik spoke about Korea's energy transition policies and predicted a growing dominance of gas in the future energy scene, along with renewable energy. The minister delivered his key note speech as the representative of Korea, the host country for the WGC in 2021, and as the e date2018-06-30

Minister Paik meets US House Foreign Affairs Committee chairman

Minister of Trade, Industry and Energy Paik Ungyu (right) met with U.S. House Committee on Foreign Affairs Chairman Ed Royce to discuss trade and other related issues in Washington, D.C., on June 27.   During the meeting, the minister expressed his concerns to the U.S. lawmaker about the U.S. investigation into imported automobiles based on national security concerns, and said he hoped that the free, fair and reciprocal trade that could be achieved by the Korea-U.S. free trade agreement s date2018-06-28

Trade Minister discusses Korea-China economic cooperation with Chinese commerce minister

Trade Minister Kim Hyun-chong (left) met with Chinese Commerce Minister Zhong Shan to discuss stronger Korea-China economic cooperation and trade, in Beijing on June 27.   During the meeting, Trade Minister Kim said that deeper economic integration between Korea and China would be a practical measure to boost bilateral economic cooperation, and suggested that they discuss a further opening of the two countries’ service markets and stronger investor protection during the subsequent n date2018-06-27

Retail sales up 6.7 percent in May, led by online sales

The Ministry of Trade, Industry and Energy announced on June 27 that overall retail sales in May expanded 6.7 percent from a year earlier on the back of strong online sales.   Online sales surged 17.2 percent, continuing a seven-month streak of double-digit growth.    Sales at brick-and-mortar retailers also advanced 1.2 percent year-on-year, led by sales growth at convenience stores and department stores.   All categories of retailers, except convenience stores, saw a date2018-06-27

Minister Paik underlines strategic industries at offshore wind power forum

Minister of Trade, Industry and Energy Paik Ungyu emphasized the importance of developing strategic industries during a speech to representatives from the energy industry at a forum on the industrialization of offshore wind power in Seoul on June 26.Mentioning the energy transition announced last year by the Moon administration, Minister Paik said that this forum would work as an opportunity to find measures to boost the wind power industry and to foster strategic industries for a successful ene date2018-06-26

ICT exports continue to show double-digit growth in May

The Ministry of Trade, Industry and Energy announced on June 18 that exports of information and communication technology (ICT) goods marked their fourth-highest monthly figure of USD 18.6 billion in May.Exports of ICT goods were up 20.6 percent compared to a year earlier, achieving double-digit year-on-year growth for the 18th consecutive month, since December 2016.ICT imports also jumped 9.0 percent year-on-year to $8.7 billion, and the trade surplus in this sector stood at $9.8 billion.The con date2018-06-18